Our society and its economy is run by many factors, so many it would be near impossible to keep track of them all mentally. However in all the various ways our economy works, the main factor is money. Always, money is the drive and in constant need, constant demand. So what if we took out our current understanding of money and replaced it with a fully technology based currency?
As our society progressed, we have watched an increase in it’s growth in ways that it could serve us and allow our lives to be just a little bit easier, most of the time at least. So it shouldn’t be too surprising that technology becomes the new form of currency. Heck we already have credit cards and online accounts and things that completely remove the physical interaction of money, this is just the next step.
Blocks chains are the topic of discussion once again due to its potential to change things around and put an end to our cash-based society.
Currently there are nations’ central banks looking into the idea of blockchains as a replacement currency from which people can buy, sell and trade from, a digital wallet of sorts.
So what could blockchains offer that our cash-based society cannot?
Blockschains sure do seem to hold a lot of capabilities, so whats the problem? Why haven’t we taken advantage of these yet?
Well Blockchains still have some things that need to be addressed. For example, the fact that anyone in a blockchain can see the transactions that occur, even if you don’t want them to. Everyone outside the block cannot gain access and see transactions, but things like medical documents and all of that can be seen by those inside the blockchain where the transactions take place. This transparency along with the potential of being locked out of the blockchain for all eternity because you forgot the hash number resulting in a freezing of all the funds inside the chain, tend to put a wrench in the cog.
While blockchains hold immense and society altering potential, there are still very serious things that need to be addresses and accounted for before it really starts to integrate into our economy. However as we move forward with our days, we should keep an eye on blockchains and their current events to stay on top of potential they may hold.
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